For the fourth quarter ended December thirty first, 2021, KVF gained $1.08 per share, growing the worth of every share to $41.91. This low single-digit return is inside the vary of the -2% to +3% returns generated by the Russell 2000 and S&P/TSX indices, and beneath the 11% return of the S&P 500. Forex modifications had been a $0.05 per share headwind within the quarter.
For the 12 months, KVF returned 43% pre-tax, which bested the indices quoted above by fairly a bit.
This was a quiet quarter when it comes to exercise. KVF lastly managed to promote out of a disasterous funding in SpaceAndPeople (LSE:SAL) for an enormous loss, all of which had already been expensed in earlier quarters. Many shares within the portfolio skilled some weak point this quarter, which resulted in some alternatives so as to add to positions at extra enticing costs.
The final market stage stays costly, which suggests buyers ought to be cautious. There do look like some pockets of worth which have developed, nonetheless.
KVF’s earnings assertion and stability sheet are included beneath (click on to enlarge). Observe that securities are marked to market worth, and quantities are in hundreds of $CAD: